Chevron CEO Mike Wirth reports record production, particularly in the United States, where production rose by 35%. This increase is the result of the acquisition of PDC and 12% growth in the Permian Basin, where Chevron continues to benefit from productivity and efficiency gains. Wirth anticipates stable production for the first half of the year, with an acceleration in the second half to over 900,000 barrels per day, with the aim of reaching one million barrels per day by 2025. 

 Global demand for oil increased by more than two million barrels a day last year and is expected to rise by around one and a half million barrels a day this year.

Wirth stresses the importance of investment discipline, saying Chevron remains focused on efficient capital investments that will generate value over the long term, without increasing spending in response to market conditions. He also emphasises the importance of exploration, technology and acquisitions in building Chevron's portfolio.

Chevron has an active interest in Namibia, particularly following initial exploration successes by other companies in the region. The company plans to drill an exploration well in a large offshore block in Namibia and has recently acquired a major interest and operational management of a second block in a prospective area.

Wirth points out that the price per barrel reflects both supply and demand, as well as expectations of geopolitical risks. He notes that the market is relatively balanced, with stocks somewhat low, and suggests that current prices may be slightly higher than what he believes to be the long-term price, due to the risks of supply disruption and strong demand.


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